Triall Product Spotlight: Payments Manager
This is the fifth article part of our new product spotlight series on Medium. In this article series, we walk you through the different software products and features of our end-to-end eClinical platform, focusing on one core product category each week. This week, we zoom in on the features, benefits, and integration options of our Payments Manager.
Payments within clinical trials
Uncertainty and delays with regards to payment are a persistent burden to the clinical trial industry as many stakeholders often don’t have an effective way of tracking and managing their payments. As a result, site staff (doctors & research nurses) and patients often need to wait 4–5 months before getting reimbursed.
This is a burden to research sites, who often only have a couple months of operating cash on hand, and is considered to be one of the key reasons for turnover among site staff. Moreover, delayed payments can be particularly burdensome to clinical trial participants who are left unsure when they will be reimbursed for participating in the clinical trial. As the industry is currently struggling to retain patients throughout the full length of a trial (the average drop-out rate is 30%), certainty and timeliness of payments can be a significant step towards improving patient engagement.
In this article, we’ll walk you through the features and benefits of Triall Payments Manager as well as our future vision for decentralised identity management and tokenised payments.
Benefits for clinical research professionals and participants
With Triall Payments Manager, clinical trial sponsors can ensure that research sites and participants receive timely reimbursement. The application allows users to assign payment details to individual study forms, manage and track payments in real-time, and set up user-defined payment rules and conditions. Moreover, Triall Payments Manager allows both clinical trial sponsor and site to view the full transactional history for all executed payments. Integrated with a third-party payment processor, the application provides an end-to-end solution for all payment handling.
The Triall platform comprises a modular configuration of integrated clinical trial software (eClinical) applications for data capture, document management, planning & oversight, trial supply management, wearable integration, and more. As a unified platform, payments can be triggered in real-time as research sites complete data entry or sign essential documents.
Future vision: tokenised payments
Triall is building a Self-Sovereign Identity (SSI) infrastructure that allows us to decentralise identity and access management (read how we are applying this in informed consent). This SSI infrastructure will provide participants, researchers, and other platform users with greater ownership and control over their data, documents, and processes. Combined with our platform-native utility token TRL, this SSI infrastructure could eventually be used for peer-to-peer payments where TRL can function as a common currency enabling the automated distribution of (micro)payments across research sites and participants.
Triall brings Web3 to medical research by creating a digital ecosystem of blockchain-integrated software solutions that secure and streamline clinical trials. Triall’s solutions make clinical trials tamper-resistant and enable secure and efficient integrations between the many isolated systems and parties involved in clinical trial processes. Triall’s software is co-created with clinical trial professionals to ensure optimal user experience, solving actual industry pain points.
Visit the website: https://www.triall.io